A Rs 40,000 crore EV and component manufacturing plant in Odisha would be funded by JSW Group

A Rs 40,000 crore EV and component manufacturing plant in Odisha would be funded by JSW Group

In addition, the manufacturing plant is expected to generate around 11,000 new employment.

JSW Group and the Government of Odisha have inked a Memorandum of Understanding (MoU) to establish electric vehicle (EV) and electric vehicle battery production projects in Cuttack and Paradip. For the massive production factory, the business would spend Rs 40,000 crore.

In a formal press release, JSW clarified that the "world-class advanced technology-based project" comprises a 50 GWh EV battery plant for energy storage and mobility systems, as well as commercial e-vehicles and auto components like powertrains, lithium refineries, copper smelters, and related component manufacturing units.

The remaining Rs 15,000 crore would be used to fund the business's EV component manufacturing plant in Pradeep. The company intends to spend Rs 25,000 crore on electric cars and its battery manufacturing complex in Cuttack.

In order to concentrate on electric cars, the business had previously established a joint venture with SAIC Motor Corp Ltd, the parent company of MG Motor India, in which it would own a 35 percent share.

The establishment of an entire ecosystem for EV production in Odisha, which now lacks the robust car manufacturing infrastructure seen in places like Gujarat and Tamil Nadu, is another difficulty the firm confronts.

Additionally, the manufacturing plant is expected to contribute to the creation of around 11,000 jobs, including 7,000 in Pradeep and 4,000 in Cuttack. "This initiative is expected to not only strengthen Odisha's industrial landscape but to also dramatically contribute to India's EV manufacturing capabilities," the JSW Group said in a statement.

This would drive MSME development, opening up tremendous prospects in the auto component supply chain and services sector. The initiative will also boost job creation in supporting and supporting services, the business said.

"We are focused on harnessing the opportunities presented by the new age sectors, with the aim of establishing high-skilled job opportunities for the people of Odisha," declared Chief Minister Naveen Patnaik of Odisha.